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Illinois Comptroller: Tax Hike Would Need To Be Big To Cover Debt

Illinois Comptroller Leslie Munger speaking in Rockford Feb. 3, 2016
Jenna Dooley
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Illinois Comptroller Leslie Munger speaking in Rockford Feb. 3, 2016

Illinois Comptroller Leslie Munger says the income tax rate in Illinois would need to double from its current rate to combat growing debt. She says Illinois is on pace to spend an additional $6.2 billion dollars more than it brings in.

Illinois Comptroller Leslie Munger speaking in Rockford Feb. 3, 2016
Credit Jenna Dooley
/
Illinois Comptroller Leslie Munger speaking in Rockford Feb. 3, 2016

Last year, the income tax rate dropped in Illinois – from 5 percent to 3.75 percent. Speaking in Rockford, Munger says the tax rate would need to be in the range of 7 to 8 percent.

“That’s what the math would require to get that covered, but I don’t believe that there is a legislator who would vote for that high of an increase, nor does that account for the fact that we would most certainly lose businesses and reduce our tax base again.”

Munger emphasizes that would also not be her recommendation. She suggests a long-term plan is needed with a combination of reforms, cost-cutting, and new revenue.

Copyright 2016 WNIJ Northern Public Radio

Jenna Dooley has spent her professional career in public radio. She is a graduate of Northern Illinois University and the Public Affairs Reporting Program at the University of Illinois - Springfield. She returned to Northern Public Radio in DeKalb after several years hosting Morning Edition at WUIS-FM in Springfield. She is a former "Newsfinder of the Year" fromthe Illinois Associated Press andrecipient of NIU's Donald R. Grubb Journalism Alumni Award. She is an active member of the Illinois News Broadcasters Association and an adjunct instructor at NIU.